Property Management

Merchant Services for Property Management Businesses

Property Management is a great way for enhancing the income you make passively each and every month. Maintaining a property to rent for office, housing, or a flex space, leads to you cashing in on owning a valuable asset and not having to do the day to day tasks that your more traditional jobs will require. When working within the property management industry, you can save a great deal of time by simplifying the process in which you collect rent.

Instead of using archaic means like mail correspondence for your check collection process, think about setting up a payment gateway for your property management business. This is an easy way your renters can follow a payment link or login to your website where they can enter their payment information using a shopping cart that’s secure. There’s also subscription options for recurring payments that happen the same date each month so you don’t waste you or your tenants’ time. Providing tenants with an option to make a rent payment automatically or online affords numerous benefits that are excellent for financial projections and time management on your part.

PCI compliance for card payments are the security standards for payment information. Payment processing is already a delicate business; no need for messing with the security aspect of it, we feel. Having no way to safely transfer funds, could mean no transfer at all to you.

The appeal of online payment systems for housing is being able to get set up with automatic payments easily. The ease of automatic payments is tremendous help for anyone who has hectic schedules or those that are immobile because it can often interfere with paying rent in person and on time. Having automatic payments could greatly improve the number payments collected on time each month for each tenant.

Forget mailing checks, because entering card information online is quick and easy. Renters don’t have to worry about a bounced payment or a payment interception using an online gateway that’s fast and secure. As a property owner this means, you get your money faster. Having a process that is easier for all parties involved can never be a bad thing to have.

When you choose to offer an online payment service for renters, it’s always critical to obtain a merchant solution for property management that will be willing to grant your wishes.

Advantages of Having Payment Solutions for Property Management

When you use an online system it gives your tenants the option to pay their rent automatically with the use of a credit or debit card, which lets you process payments quicker. Smartphone and desktop options open up your operation to effortless transactions, straightforward deposits, and renters that are happier.

Some other ways that payment solutions for property management will benefit your tenants consist of:

Merchant property management services are conscious of any and all complications that are usually associated in the property management market. Having a merchant account that is tailored to the property manager’s needs is a way to assure your ability to accept and process payments for tenant’s rent is not disrupted or delayed for any reason.
Having a common payment processor isn’t a benefit for property owners. Classic payment processors such as Square, Stripe, Braintree, and PayPal regard online payment systems for rental properties and property managers too dicey. Popular payment processors do not accept high-risk industries, making it crucial to seek out other solutions. One alternative solution consists of property management payment systems that are made exactly for property managers and rental properties.

Property management gets flagged as high-risk because of a large number of fraudulent claims, that and high chargebacks rates. Having an industry known for a greater number of fraud and chargeback claims, makes it even more difficult in securing a standard merchant account using any of the prominent providers out there. Because they work with an assortment of tenants and individuals, many financial institutions believe this style of business isn’t worth the trouble. Partnering with a payment processor that’s built for property owners is the only way to remain managing properties with no interference.

Forget mailing checks, because entering card information online is quick and easy. Renters don’t have to worry about a bounced payment or a payment interception using an online gateway that’s fast and secure. As a property owner this means, you get your money faster. Having a process that is easier for all parties involved can never be a bad thing to have.

Property Management Merchant Service Advantages

The benefits of an online property management payment gateway consist of:

Fully automate your tenants procedure of submitting and processing payments, regardless of if they are paying manually or automatically every time. Having an online system in place with management that is automated, means you can spend more time concentrating on other aspects of your company.

Giving your residents an online payment system for rent can lower late and missed payments drastically. Having an online payment system allows your renters the freedom to make their transaction at home, work, or even if they’re on vacation. Lower late payments of your tenants by giving them the opportunity to submit payment at any time on the day it’s due, rather than them having to write a physical check and mailing it.

Manual processing of payments or management of individual checks is tedious and very risky, and in a world where data breaches and theft are showing no signs of stopping. Using an online payment system for increased security when accepting and managing payments from your renters reduces the risk of losing financial or personal data of your residents. This is all done with the use of an online payment system that is fully encrypted.

If you have experience with processing credit and debit card payments along with prior experience in the industry, it may help in getting better rates for processing.

Be sure to share your company website and social media platforms when you submit your application, that way the bank and the processor will be able to see that you are compliant in all areas.